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Last Updated : Apr 24, 2018 05:44 PM IST | Source: Moneycontrol.com

Path to profit: Indian Railways invites public to share ideas, offers prize of Rs 10 lakh

The participants are required to particularly focus on opportunities of easy implementability in the current system of Indian Railways

Indian Railways has invited public to share ideas on how to increase its revenue and win cash prize up to Rs 10 lakh. Any individual or company can submit its detailed suggestions to the railway authorities on mygov.in and selected best four entries will be rewarded.

Revenue of Indian Railways has been almost stagnant for the past four years although working expenses have been increasing steadily. This has resulted in reduction in investible surplus of Railways, affecting quality of services.

In a notification, Railways has asked public to submit solutions that should include the idea, detail business plan, implementation strategies for raising of money. The participants are required to particularly focus on opportunities of easy implementability in the current system of Indian Railways. “The challenge aims to encourage creation of intuitive, easy to use idea/business plan and solution that can enable convenient implementation without impacting the current capability of Indian Railway,” it stated.

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The notification also said that solutions should restrict themselves to areas pertaining to transportation business – passengers, freight, parcels and non-fare sources and related departments.

Entries duly completed and fully filled must be submitted using the online application system before 6 pm, 19th May 2018.

The selectors will choose four best entries. The winner of the best entry will get Rs 10 lakh, runner up gets Rs 5 lakh, third-placed person gets Rs 3 lakh and fourth prize is Rs 1 lakh.

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First Published on Apr 24, 2018 05:43 pm
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